Japan's Marubeni Corp said March 26 it has sold part of its interests in Eagle Ford Shale assets in Texas to two U.S. independent oil and gas developers for an undisclosed sum.
The sale is part of the Japanese trading company's effort to reshuffle its asset portfolio to strengthen its financial health, it said.
In 2012, Marubeni acquired a 35% working interest in about 52,000 net acres in the Eagle Ford from Dallas-based Hunt Oil Co. The companies had agreed at the time to jointly acquire additional acreage in the shale play, Marubeni said.
Marubeni's Eagle Ford sale was completed as the closing terms and conditions of the contract have been met, according to the company press release. The buyers were not disclosed.
Recommended Reading
Trendsetter to Deliver Subsea Manifolds Offshore Brazil to Trident Energy
2024-06-13 - The subsea contract follows Trendsetter establishing local facilities in Brazil.
E&P Highlights: June 10, 2024
2024-06-10 - Here’s a roundup of the latest E&P headlines, including a decline in global drilling activity and new contract awards.
Aramco Credits Adaptability, Collaboration for Driving Innovation
2024-05-15 - Aramco’s implementation of different approaches has led to the creation and commercialization of newer products, said Max Deffenbaugh, principal scientist for Aramco, at the 2024 Offshore Technology Conference in Houston.
Spate of New Contracts Boosts TechnipFMC's Subsea Profits
2024-04-30 - TechnipFMC's operational profits are growing as the company heightened its focus on “quality” subsea orders, which earned $2.4 billion for the first quarter.
Exclusive: Cost-effective Benefits of Extracting from Mature Assets
2024-05-13 - Baker Hughes' well abandonment leader Bart Joppe details the importance of extracting resources from mature assets and the company's approach to managing a well, in this Hart Energy Exclusive interview.